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    1962 Main St Sarasota, FL 34236

    Sponsored
    For Lease
    $264 SF/Yr

    3,432 sq ft Class A Office, Main St. location

    Lot size:
    3,432 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 3,432-square-foot Class A creative office space is ideally situated at 1962 Main Street, Suite 200, in the heart of downtown Sarasota, Florida. Located in a building constructed in 1926, this single-tenant space boasts a modern design with appealing industrial accents. The property features beautiful hardwood floors, high ceilings with exposed brick, and abundant natural light from large windows. The open-concept layout provides flexibility for various business configurations. This move-in ready space is part of a larger building with a total of 20,631 square feet spread across four stories. Its prime location offers excellent visibility on Main Street, providing exceptional exposure for your business. The property enjoys convenient access to major transportation arteries, including US 301, Fruitville Road, and Interstate 75, ensuring easy commutes for employees and clients. This unique and desirable office space presents a fantastic opportunity for businesses seeking a stylish and functional workspace in a vibrant downtown setting. The property is in zip code 34236.

    Property Features for 1962 Main St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,432 SF
    Class
    A

    Building Details

    Year Built
    1926
    Buildings
    20631
    Stories
    4

    Unit(s) available at that property

    Space
    Size
    3,432 SF
    Rate per SF
    $264
    Property Profile Location Intelligence

    Current Use by Public Records

    Sarasota Video Production Video Production Service Auto Accident Doctors ... Medical Group Wayne Marketing Marketing Agency ChiroStandard Chiropractor Camlin Home Corporation Home Builder

    Suggested Use

    Restaurant Dental Office Spa & Massage Law Firm Hair Salon Realty agency Nail Salon Clothing Store Building Supply Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Sarasota
    State
    Florida
    Longitude
    -82.5456374
    Latitude
    27.3331293

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    FAQs

    What type of property is this?
    Office space - 3,432 sq ft Class A Office, Main St. location
    Where is this office space located?
    The property is located at 1962 Main St Sarasota, FL.
    What is the lease rate?
    The lease rate is $264 SF/Yr.
    Request Owner's contact information
    1962 Main St Sarasota, FL 34236
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    Sarasota, FL 34236
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1962 Main St Sarasota, FL 34236
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